Interest rates on short-term T-bills edged down.

The Treasury Department sold $6.43 billion in new three-month bills at an average discount rate of 5.58%, down from 5.63% last week. An additional $6.41 billion was sold in new six-month bills at an average discount rate of 5.58%, down from 5.59% last week. The rates were the lowest since March 2, when three-month bills sold for 5.47% and six-month bills averaged 5.51%. The new discount rates understate the actual return to investors--5.75% for three-month bills with a $10,000 bill selling for $9,859.00 and 5.84% for six-month bills selling for $9,717.90. The discount rate reflects the price discount received when government securities are purchased at less than face value.